Bank of China, Tencent tie up for blockchain project
The Bank of China said it is partnering with Tencent, one of China’s largest internet companies, to trial blockchain technology in financial applications. The plan involves creation of a new joint research space for the development of new products. The two entities intend to exploit artificial intelligence and blockchain with the ultimate aim of building a fintech cloud platform with reduced risk and gains in efficiency. Several Chinese banks, including the Bank of China, have announced partnerships with private sector firms to work on developing fintech and blockchain with major private sector firms.